hang seng bank-sponsored adr (HSNGY) Key Developments

Hang Seng Bank and Shenzhen Qianhai Financial Holding to Set Up Fund JV in China

Jul 27 15

Hang Seng Bank and Shenzhen Qianhai Financial Holding inked cooperative agreement to jointly apply to government regulators for setting up fund management JV. Hang Seng Bank will act as controlling shareholder, marking the birth of the first fund company under control of foreign investors in China. Insiders believed that relaxation of shareholding limitation for foreign investors in fund companies will strengthen competitiveness of domestic fund companies in line with capital market development. Home fund market will be further reformed in the future, leaving fund management sector lucrative to foreign investors, with progress made in fund recognition.

The board of EDS Wellness Holdings Limited announced that it commenced legal proceedings in the Court on June 9, 2015 against Mr. Shum as the first Defendant, Wing Lung Bank Limited as the second Defendant and Hang Seng Bank Limited as the third Defendant for, amongst others, the following reliefs to recover the judgment debt under the Summary Judgment: Mr. Shum's interest in the properties and/or lands situate at House 4, The Baroque, Nos. 1-7 Kau To Shan Road, Shatin, New Territories; Ground Floor, No. 1 Kau To Path, Lot No. 838 in DD171, Shatin, New Territories; and Ground Floor, No. 1 Kau To Path, Lot No. 839 in DD171, Shatin, New Territories which have been charged in favour of the Company be sold without further reference to the Court by way of tender or public auction at the best price reasonably obtainable; the solicitors for the company shall have the conduct of the sale of the Properties by appointing an agent, to sell the Properties by way of tender or public auction; the company shall apply the sale proceeds from the sale of the First Property to pay the costs and expenses of effecting the sale; pay the costs of the June Proceedings; pay the outstanding indebtedness owed to Hang Seng Bank Limited as secured by a mortgage over the First Property; pay the judgment debt (together with interest) owed to the Company under the Summary Judgment; and pay the balance (if any) to Mr. Shum or into the Court or as the Court shall direct; the Company shall apply the sale proceeds from the sale of the Second Property and Third Property to pay the costs and expenses of effecting the above sale; pay the costs of the June Proceedings; pay the outstanding indebtedness owed to Wing Lung Bank Limited as secured by a mortgage and a second legal charge over the Second Property and the Third Property; pay the judgment debt (together with interest) owed to the Company under the Summary Judgment; and pay the balance (if any) to Mr. Shum or into the Court or as the Court shall direct; Such further and/or other directions as the Court shall deem fit; and the costs of the June Proceedings to the Company.

Hang Seng Bank Limited approved the appointment of PricewaterhouseCoopers as auditor and to authorize the directors to determine the remuneration of the auditor in the annual general meeting held on May 7, 2015.

The Board of Hang Seng Bank Limited has declared a first interim dividend in respect of the year ending 31 December 2015 of HKD 1.10 per share payable on 9 June 2015, to shareholders whose names appear on the Register of shareholders of the bank on 21 May 2015.

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